During the proceedings on Wednesday, though the CoC told the appellate tribunal that they were ready to cooperate with the Dutch court administrator, the NCLAT
observed that the lenders could only make observations.
The observation by the three-member bench came after the Dutch court administrator submitted that while he had no problem working with the IRP, the CoC could not give directions to him.
Apart from India, Jet is also facing insolvency proceedings in the Netherlands, which is a regional hub for the European operations of the airline. Jet was declared bankrupt in the Netherlands in response to a complaint filed by two European creditors, H Esser Finance Company and Wallenborn Transport, who had claimed unpaid dues worth Rs 280 crore.
Following this, the insolvency administrators had approached the National Company Law Tribunal (NCLT) with a plea that they should be allowed to access the firm’s assets in India, too, which would enable them to recover monies to pay off the two European creditors.
had rejected the Dutch court appointed administrator’s plea for being heard in the case, following which they had approached the appellate tribunal.
The NCLAT had, while agreeing to hear the Dutch court administrator, also stayed a portion of the NCLT
Mumbai Bench’s order that held that Dutch insolvency administrator’s offshore proceeding were not maintainable and hence they could not be allowed to access the airlines’ financial assets in India.